**Journal Entry Worksheet Instructions****Required**Record these transactions in a general journal. *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)***Buttons:**- **View transaction list**: Click to view the list of transactions. **Journal Entry Worksheet**- **Transaction Description**: "Provided $69,200 of services on account."**Notes**: - Enter debits before credits.**Entry Table:**| Event | General Journal | Debit | Credit ||-------|-----------------|-------|--------|| 1 | | | || | | | || | | | || | | | || | | | || | | | |**Buttons:**- **Record entry**: Click to save the journal entry.- **Clear entry**: Click to clear the current journal entry fields.- **View general journal**: Click to view the compiled journal entries.This worksheet helps in organizing and recording financial transactions accurately in a general journal, which is a foundational step in accounting processes. **Financial Transactions and Journal Entries for Oak Consulting***Initial Account Balances (Beginning of Year 2)*- **Cash**: $26,100- **Accounts Receivable**: $42,700- **Accounts Payable**: $14,500- **Common Stock**: $21,600- **Retained Earnings**: $13,700*Events for Year 2*1. Provided $69,200 of services on account.2. Incurred $3,400 of operating expenses on account.3. Collected $50,100 of accounts receivable.4. Paid $30,100 cash for salaries expense.5. Paid $16,100 cash as a partial payment on accounts payable.6. Paid an $8,400 cash dividend to the stockholders.**Required Action**Record these transactions in a general journal. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.**Interactive Components**- **View Transaction List**: An option to view all transactions.- **Journal Entry Worksheet**: A tool to input and review journal entries.This information provides the basis for practicing financial accounting by recording transactions that affect a company's financial statements.

In a General Journal, Entries are passed involving two or more accounts with debir and credit…

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Balance $26,100 Accounts receivable. 23,700 14,500 Accounts payable Common stock 21,600 Retained earnings 13,700 The following events apply to Oak Consulting for Year 2: Account Cash 1. Provided $69,200 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $50,100 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $16,110 cash as a partial payment on accounts payable. 6. Paid a $8,400 cash dividend to the stockholders.

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Balance $26,100 Accounts receivable. 23,700 14,500 Accounts payable Common stock 21,600 Retained earnings 13,700 The following events apply to Oak Consulting for Year 2: Account Cash 1. Provided $69,200 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $50,100 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $16,110 cash as a partial payment on accounts payable. 6. Paid a $8,400 cash dividend to the stockholders.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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